DOL Issues Second Round of Fiduciary Investment Advice FAQs Clarifying Acceptable Compensation Practices and Financial Service Provider Issues | Practical Law
On January 6, 2017, the Department of Labor (DOL) issued the second substantive set of frequently asked questions (FAQs) in connection with the DOL's April 2016 final fiduciary investment advice rule and the new and amended prohibited transaction exemptions also issued in connection with the final rule (PTEs). This second round of FAQs follows the first set of FAQs issued by the DOL in October 2016. These FAQs focus on financial service provider issues, including clarifying the acceptability of several common compensation practices for 401(k) plan service providers and advisers.